Monthly Archives: March 2007

Design of a multilateral regime for emissions trading

The most dif­fi­cult ques­tions about the man­age­ment of cli­mate change are not about taxes or trad­ing but about the weak­ness of mul­ti­lat­eral regimes. Their recent his­tory should worry any­one who wants a global answer to a prob­lem of man­ag­ing a global commons.

In my sub­mis­sion to the Prime Minister’s Task Force on Emis­sions Trad­ing I draw some lessons from the his­tory of mul­ti­lat­eral trade and climate/emissions agree­ments that could be applied to the design of a new regime to replace the Kyoto Pro­to­col in 2012.